FEMA/NFIP Risk Rating 2.0 Is Here. Now What?
Flood map changes came in January of last year, now the previously announced Risk Rating 2.0 has just gone into effect. For the majority of property owners in the Greater Houston Area and the Gulf Coast region, it means an increase of between $10.00 to $20.00 in the premium cost. Good real estate agents will familiarize themselves with all of the changes and will interview insurance providers in order to determine those who will be best able to explain coverage to their clients. Just as with property inspectors, it's incumbent upon good agents to provide a list of vetted insurance agents for their clients to review as possible options. I highly recommend all agents, commercial or residential, read the following article as part of their awareness program. Community Impact - MAP: With FEMA’s new risk rating in effect, see how Houston-area community flood insurance premiums change